aetna inc (AET) Key Developments
Aetna Inc. Announces Executive Changes
May 26 15
Aetna Inc. announced that Rajan Parmeswar intends to leave the company effective July 3, 2015. Mr. Parmeswar will continue to serve as the company's Vice President, Controller and Chief Accounting Officer until that date. Sharon A. Virag will join the company as Vice President, Corporate Finance, on June 1, 2015 and is expected to succeed Mr. Parmeswar when he leaves the company on July 3, 2015. Ms. Virag is a certified public accountant and is currently the Vice President and Controller (Chief
Accounting Officer) of The AES Corporation, a position she has held since May 2013.
The State of Missouri and Aetna Reach $4.5 Million Settlement over Allegations
May 19 15
The state of Missouri and Aetna reached a $4.5 million settlement over allegations that the company failed to provide autism coverage to its clients despite Missouri's law requiring it. Under the agreement, Aetna will be monitored by three years, and the Missouri Department of Insurance may suspend the company's business license for a year if there is evidence of additional violations. A portion of Aetna's fine, $1.5 million, will be suspended if Aetna complies with the settlement agreement. In 2012, Aetna companies also admitted to violating the autism mandate and paid a $1.5 million fine under a settlement agreement with the Department of Insurance. The companies were required to undertake a full and complete audit to ensure compliance with all Missouri insurance mandates. Under the Missouri Constitution, civil fines go to the School Fund.
Aetna Inc. Declares Quarterly Cash Dividend, Payable on July 31, 2015
May 15 15
The Board of Directors of Aetna Inc. declared a quarterly cash dividend of $0.25 per share on the company’s common stock. The dividend is payable on July 31, 2015, to shareholders of record at the close of business on July 16, 2015.
Aetna, Inc. and CHI Health Announce Health Care Model Designed to Enhance Quality of the Patient Experience in Nebraska
May 7 15
Aetna Inc. and CHI Health have announced new commercial, product-based accountable care organization, or ACO, to offer Omaha employers a health care model designed to enhance quality of the patient experience in Nebraska. The health care savings will be specific to each employer, with the potential to save up to 15% over comparable Aetna full network products. The new commercial health care product, known as Aetna Whole Health - CHI Health Accountable Care Network, will provide Aetna members with highly coordinated care through UniNet, CHI Health's clinically integrated network.
Aetna Names Cain Hayes as President of Mid-America Operations
May 4 15
Aetna has named Cain Hayes as president of its Mid-America operations. He is based in Columbus, Ohio. In this role, Hayes oversees profit and loss and full operations for commercial middle market; small group; and individual businesses as well as the public-sector, Taft-Hartley labor and Medicare businesses within the 14-state Mid-America region. He also oversees network and medical management in the region. Prior to this role, Hayes was president of Aetna’s government-sector and Taft-Hartley Labor business, which delivers customer-focused benefit solutions to federal, state and local government entities in addition to labor groups. He has been with Aetna since 2010. Before Aetna, Hayes held a number of executive leadership positions for Fortune 500 companies, including head of sales functions for retirement divisions at Nationwide and Principal Financial Group.